Modelling claim dependencies for the general insurance industry with economic capital in view: an innovative approach with stochastic processes. This project will develop and enhance multi-dimensional models used to describe and assess the risks borne by general insurers. These innovative methods, which will be directly applicable by the industry, will strengthen the efficiency and the safety of the Australian economy.
Long-term care financing and policy: Insights from a pilot program in China. This project aims to advance global knowledge and policy development around long-term care (LTC) provision by undertaking a comprehensive assessment of alternative funding and provision mechanisms. Drawing on a unique pilot of LTC delivery in China, the project aims to estimate and assess LTC cost and usage, and link this with international experience to quantify the impacts of alternative policy structures. Through met ....Long-term care financing and policy: Insights from a pilot program in China. This project aims to advance global knowledge and policy development around long-term care (LTC) provision by undertaking a comprehensive assessment of alternative funding and provision mechanisms. Drawing on a unique pilot of LTC delivery in China, the project aims to estimate and assess LTC cost and usage, and link this with international experience to quantify the impacts of alternative policy structures. Through methodological advances designed to incorporate the real-time data made available under the pilot, this project aims to deliver significantly improved projections of LTC usage and costs that will be important to governments and the insurance industry, globally. Leveraging a strong partnership between Australian and Chinese researchers, it aims to provide the evidence base needed for policy and industry planning in China, and to advance global knowledge to deal with this challenge.Read moreRead less
Risk and Prudential Regulation and Supervision of Australian Financial Institutions. The project seeks to enhance the effectiveness of prudential regulation and supervision of financial institutions (FIs) by examining the risk of FIs, as reflected in default risk premiums on FI international debt issues and variability of revenue/profitability measures, and the effect of broadening FI activities and the shift towards fee/commission income on FI risk. This forms the basis for the development and ....Risk and Prudential Regulation and Supervision of Australian Financial Institutions. The project seeks to enhance the effectiveness of prudential regulation and supervision of financial institutions (FIs) by examining the risk of FIs, as reflected in default risk premiums on FI international debt issues and variability of revenue/profitability measures, and the effect of broadening FI activities and the shift towards fee/commission income on FI risk. This forms the basis for the development and testing of statistical early warning systems of impending financial problems in Australian FIs. The models are compared with examiner rating systems currently used in prudential supervision.Read moreRead less
Managing Risk with Insurance and Superannuation as Individuals Age. Financial stability lies at the heart of any market economy. The financial risks associated with uncertainty about longevity change comprise one of the most pressing challenges facing financial systems, nationally and globally. While insurance companies and superannuation funds hold significant reserves against future risks, the ageing of the population increases the number of people potentially exposed to loss in the event that ....Managing Risk with Insurance and Superannuation as Individuals Age. Financial stability lies at the heart of any market economy. The financial risks associated with uncertainty about longevity change comprise one of the most pressing challenges facing financial systems, nationally and globally. While insurance companies and superannuation funds hold significant reserves against future risks, the ageing of the population increases the number of people potentially exposed to loss in the event that insurers and pension funds cannot deliver on their obligations. With an increasing range of financial service products and markets developing to meet the needs of the aged, research into the issues of longevity risk and the financial impact of uncertainty in mortality and morbidity trends is vital.Read moreRead less
Reconnecting and engaging superannuation fund members. To understand the widely perceived disengagement of superannuation fund members, the project team will collaborate with UniSuper and the human resources departments of two large Australian universities on a large-scale, state-of-the-art experiment. This project will provide theoretical, and hands-on, advice to reconnect and engage fund members to enhance/improve retirement savings decisions.
Super Financial Security: Improving Flexibility, Trust and Communication. This project aims to address the significant worldwide challenge of how to safeguard financial wellbeing at older ages. In doing so it aims to investigate three important and interconnected influences on retirement preparation: flexible choice architecture, trust formation and effective communication. The project aims to use a combination of innovative modelling, experimental and field-based approaches. The principal expec ....Super Financial Security: Improving Flexibility, Trust and Communication. This project aims to address the significant worldwide challenge of how to safeguard financial wellbeing at older ages. In doing so it aims to investigate three important and interconnected influences on retirement preparation: flexible choice architecture, trust formation and effective communication. The project aims to use a combination of innovative modelling, experimental and field-based approaches. The principal expected outcomes are insights into the factors that guide superannuation choice, build trust with superannuation providers, and ensure clear and effective communication with members.Read moreRead less
The value of financial planning advice - process and outcome effects on consumer well-being. Knowledge of how financial advice contributes to consumer well-being is vital as industry and policy-makers strive to professionalise financial planning and enhance the quality of advice. Outcomes of this research project will inform policy debate and industry practices for improving the value of financial planning advice to consumers and their well-being.
Mandatory pre-funded retirement income schemes: Best policy and practice. This innovative project aims to leverage in-depth knowledge of two mandatory pre-funded retirement income systems, Australia and the Netherlands to create new findings to significantly advance policy and practice in these two countries. Mandatory pre-funded retirement income structures adopt a range of approaches regarding choice and drawdown structures. This project aims to use survey and experimental techniques, and stoc ....Mandatory pre-funded retirement income schemes: Best policy and practice. This innovative project aims to leverage in-depth knowledge of two mandatory pre-funded retirement income systems, Australia and the Netherlands to create new findings to significantly advance policy and practice in these two countries. Mandatory pre-funded retirement income structures adopt a range of approaches regarding choice and drawdown structures. This project aims to use survey and experimental techniques, and stochastic life-cycle models, to investigate comparative choice frameworks and the menu of retirement income products in the two countries. It aims to deliver models for improved policy and retirement income designs, producing outcomes which aim to generate global benefit as more countries move towards this pension paradigm.Read moreRead less
Participatory Visualisation & Assessment of Risks: A Crowdsourcing Approach. The aim of this study is to develop and evaluate innovative interaction and visualisation approaches that allow the insurance sector to include social media and crowdsourced data in risk identification and assessment. This data, combined with traditional risk assessment information, offers time-critical insights into emerging hazards and threats. The study aims to deliver methods and tools to crowdsource data from contr ....Participatory Visualisation & Assessment of Risks: A Crowdsourcing Approach. The aim of this study is to develop and evaluate innovative interaction and visualisation approaches that allow the insurance sector to include social media and crowdsourced data in risk identification and assessment. This data, combined with traditional risk assessment information, offers time-critical insights into emerging hazards and threats. The study aims to deliver methods and tools to crowdsource data from contributors through sensing and active sharing, as well as novel interaction and visualisation approaches to aid in the analysis of the resulting data. The project intends to benefit both the insurers and the insured by making non-traditional data sources available for risk assessment and prevention.Read moreRead less
Funding our future: perceptions of the value of financial planning advice. This project will examine how perceptions of the value of financial planning advice are formed over time. If this is understood then both government and the industry can develop better strategies to encourage those who can benefit from financial advice to recognise and gain value from the service.